TCRLA_Public/100709.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      L A T I N  A M E R I C A

              Friday, July 9, 2010, Vol. 11, No. 134

                            Headlines



A N T I G U A  &  B A R B U D A

STANFORD INT'L: Owner Loses Bid for Bail Before Fraud Trial


B E R M U D A

HONEYWELL BERMUDA: Creditors' Proofs of Debt Due on July 19
HONEYWELL BERMUDA: Members' Final Meeting Set for August 2
HONEYWELL BERMUDA: Creditors' Proofs of Debt Due on July 19
HONEYWELL BERMUDA: Members' Final Meeting Set for August 2
ISLAND CIRCLE: Creditors' Proofs of Debt Due on July 19

ISLAND CIRCLE: Members' Final Meeting Set for August 2
PACIFIC CROSSING: Creditors' Proofs of Debt Due on July 19
PACIFIC CROSSING: Members' Final Meeting Set for August 2


B R A Z I L

BANCO SOFISA: Board Approves Distribution of Interests on Capital
BRASKEM SA: To Release Second Quarter Earnings Results on Aug. 11
BRF FOODS: SEAE Recommendations May Impact Firm's Share Prices
GERDAU SA: Boosts Steel Mill Investment to BRL2.4 Billion
GOL LINHAS: Registers 2.28BB Revenue-Passenger Kilometers in June


C A Y M A N  I S L A N D S

AL-SANABEL: Creditors' Proofs of Debt Due on July 27
ALPHA REAL: Creditors' Proofs of Debt Due on July 27
BARYON FAR: Creditors' Proofs of Debt Due on August 6
BASSWOOD OPPORTUNITY: Creditors' Proofs of Debt Due on July 27
BRASEXPRESS INC: Creditors' Proofs of Debt Due on July 27

CHINA RETAIL: Creditors' Proofs of Debt Due on August 6
FLAGNON COMPANY: Creditors' Proofs of Debt Due on August 6
FUND IV: Creditors' Proofs of Debt Due on August 6
GLOBAL SCIENCE: Creditors' Proofs of Debt Due on July 27
GLOBAL SCIENCE: Creditors' Proofs of Debt Due on July 27

H.A.B. INVESTMENTS: Creditors' Proofs of Debt Due on August 6
MATRIX EUROPE: Creditors' Proofs of Debt Due on August 16
MATRIX EUROPE: Creditors' Proofs of Debt Due on August 16
MBT CAYMAN: Creditors' Proofs of Debt Due on July 27
ORION FUND: Creditors' Proofs of Debt Due on August 11

ORION MASTER: Creditors' Proofs of Debt Due on August 11
RYE SELECT: Investors and Creditors to Hold Meeting on July 30
RYE SELECT: Investors and Creditors to Hold Meeting on July 30
VINO ABSOLUTE: Creditors' Proofs of Debt Due on July 27


C O L O M B I A

BANCOLOMBIA SA: Board Authorizes Sale of Up to US$637MM in Bonds


E C U A D O R

* ECUADOR: Oil Seizures Would Cost US$1.4 Billion


M E X I C O

METROFINANCIERA TRUST: Moody's Withdraws 'C' Currency Rating


P U E R T O  R I C O

FIRST BANCORP: Parent to Issue New Series of Preferred Stock


T R I N I D A D  &  T O B A G O

COLGATE-PALMOLIVE (CARIBBEAN): In Voluntary Liquidation


V E N E Z U E L A

PETROLEOS DE VENEZUELA: Restarts Lube Oil Units in Curacao
PETROLEOS DE VENEZUELA: In Talks With Foreign Firms for New Rates




                         - - - - -


===============================
A N T I G U A  &  B A R B U D A
===============================


STANFORD INT'L: Owner Loses Bid for Bail Before Fraud Trial
-----------------------------------------------------------
Andrew M. Harris at Bloomberg News reports that indicted financier
Robert Allen Stanford, who was accused of orchestrating a multi-
billion Ponzi scheme, was denied a request for bail for the third
time.

According to the report, U.S. District Judge David Hittner in
Houston rejected arguments that the 19 months Mr. Stanford will
spend in jail before his January trial add up to a violation of
his constitutional rights and that he can't adequately ready his
case while locked up.

The report notes that Judge Hittner said that although conditions
at Houston's federal detention center are "much less 'posh' than
[Mr.] Stanford prefers, there is no evidence that it is as
burdensome as to impede his ability to prepare for trial."

Prosecutors, the report relates, opposed the bid for bail, arguing
that Mr. Stanford might disappear if freed.

                About Stanford International Bank

Domiciled in Antigua, Stanford International Bank Limited --
http://www.stanfordinternationalbank.com/-- is a member of
Stanford Private Wealth Management, a global financial services
network with US$51 billion in deposits and assets under management
or advisement.  Stanford Private Wealth Management serves more
than 70,000 clients in 140 countries.

On February 16, 2009, the United States District Court for the
Northern District of Texas, Dallas Division, signed an order
appointing Ralph Janvey as receiver for all the assets and records
of Stanford International Bank, Ltd., Stanford Group Company,
Stanford Capital Management, LLC, Robert Allen Stanford, James M.
Davis and Laura Pendergest-Holt and of all entities they own or
control.  The February 16 order, as amended March 12, 2009,
directs the Receiver to, among other things, take control and
possession of and to operate the Receivership Estate, and to
perform all acts necessary to conserve, hold, manage and preserve
the value of the Receivership Estate.

The U.S. Securities and Exchange Commission, on Feb. 17, 2009,
charged before the U.S. District Court in Dallas, Texas, Mr.
Stanford and three of his companies for orchestrating a
fraudulent, multi-billion dollar investment scheme centering on an
US$8 billion Certificate of Deposit program.  A criminal case was
pursued against him in June 2009 before the U.S. District Court in
Houston, Texas.  Mr. Stanford pleaded not guilty to 21 charges of
multi-billion dollar fraud, money-laundering and obstruction of
justice.  Assistant Attorney General Lanny Breuer, as cited by
Agence France-Presse News, said in a 57-page indictment that Mr.
Stanford could face up to 250 years in prison if convicted on all
charges.  Mr. Stanford surrendered to U.S. authorities after a
warrant was issued for his arrest on the criminal charges.  The
criminal case is U.S. v. Stanford, H-09- 342, U.S. District Court,
Southern District of Texas (Houston).  The civil case is SEC v.
Stanford International Bank, 3:09-cv-00298-N, U.S. District Court,
Northern District of Texas (Dallas).


=============
B E R M U D A
=============


HONEYWELL BERMUDA: Creditors' Proofs of Debt Due on July 19
-----------------------------------------------------------
The creditors of Honeywell Bermuda Holdings Ltd. are required to
file their proofs of debt by July 19, 2010, to be included in the
company's dividend distribution.

The company's liquidator is:

         Ernest Morrison
         Milner House, Parliament Street
         Hamilton, Bermuda


HONEYWELL BERMUDA: Members' Final Meeting Set for August 2
----------------------------------------------------------
The members of Honeywell Bermuda Holdings Ltd. will hold their
final general meeting on August 2, 2010, at 9:20 a.m., to receive
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Ernest Morrison
         Milner House, Parliament Street
         Hamilton, Bermuda



HONEYWELL BERMUDA: Creditors' Proofs of Debt Due on July 19
-----------------------------------------------------------
The creditors of Honeywell Bermuda Holdings III Ltd. are required
to file their proofs of debt by July 19, 2010, to be included in
the company's dividend distribution.

The company's liquidator is:

         Ernest Morrison
         Milner House, Parliament Street
         Hamilton, Bermuda


HONEYWELL BERMUDA: Members' Final Meeting Set for August 2
----------------------------------------------------------
The members of Honeywell Bermuda Holdings III Ltd. will hold their
final general meeting on August 2, 2010, at 9:25 a.m., to receive
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Ernest Morrison
         Milner House, Parliament Street
         Hamilton, Bermuda


ISLAND CIRCLE: Creditors' Proofs of Debt Due on July 19
-------------------------------------------------------
The creditors of Island Circle Limited are required to file their
proofs of debt by July 19, 2010, to be included in the company's
dividend distribution.

The company's liquidator is:

         Ernest Morrison
         Milner House, Parliament Street
         Hamilton, Bermuda


ISLAND CIRCLE: Members' Final Meeting Set for August 2
------------------------------------------------------
The members of Island Circle Limited will hold their final general
meeting on August 2, 2010, at 9:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Ernest Morrison
         Milner House, Parliament Street
         Hamilton, Bermuda


PACIFIC CROSSING: Creditors' Proofs of Debt Due on July 19
----------------------------------------------------------
The creditors of Pacific Crossing Limited are required to file
their proofs of debt by July 19, 2010, to be included in the
company's dividend distribution.

The company's liquidator is:

         Ernest Morrison
         Milner House, Parliament Street
         Hamilton, Bermuda


PACIFIC CROSSING: Members' Final Meeting Set for August 2
---------------------------------------------------------
The members of Pacific Crossing Limited will hold their final
general meeting on August 2, 2010, at 9:15 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Ernest Morrison
         Milner House, Parliament Street
         Hamilton, Bermuda


===========
B R A Z I L
===========


BANCO SOFISA: Board Approves Distribution of Interests on Capital
-----------------------------------------------------------------
Banco Sofisa S.A.'s Board of Directors approved the distribution
of Interests on Capital for the year of 2010 and that decision is
to be ratified by the Annual Shareholders' Meeting set for April
2011.

Gross JCP related to the 2010 anticipated earnings distribution
totals R$16,205,977.53 equivalent to R$0.11764706 per common or
preferred shares (gross value), and R$0.10000000 per common or
preferred shares (net value).  Interest on Capital will be paid up
to July 30, 2010.

This Interest on Capital is subject to Income Tax of 15%, except
for the corporate shareholders which proved its exemption status.

                       About Banco Sofisa

Banco Sofisa SA is a full service commercial bank.  The bank
specializes in credit for small to medium companies, Banco
operates branches throughout Brazil.

As of April 14, 2010, the bank continues to carry Moody's "Ba1"
long-term rating, long-term bank deposits ratings, and senior
unsecured debt rating.  The bank also carries Moody's "D+" bank
financial rating.


BRASKEM SA: To Release Second Quarter Earnings Results on Aug. 11
-----------------------------------------------------------------
Braskem S.A. will release its second quarter earnings result on
August 11, 2010.

Braskem S.A. -- http://www.braskem.com.br/-- is a thermoplastic
resins producer in Latin America, and is among the three largest
Brazilian-owned private industrial companies.  The company
operates 13 manufacturing plants located throughout Brazil, and
has an annual production capacity of 5.8 million tons of resins
and other petrochemical products.  The company reported
consolidated net revenues of about US$9 billion in the trailing
twelve months through Sept. 30, 2007.

                           *     *     *

As of May 20, 2010, the company continues to carry Moody's "Ba1"
rating.  The company also continues to carry Fitch Ratings'
BB+ long-term issuer default ratings and senior unsecured debt
rating


BRF FOODS: SEAE Recommendations May Impact Firm's Share Prices
--------------------------------------------------------------
BRF-Brasil Foods SA's investors have perceived that the
recommendation of SEAE, the antitrust arm of Brazil's Finance
Ministry, on the Perdigao SA - Sadia SA merger will impact the
company's share prices, Meat Trade News Daily reports.  The report
relates that investors also said that the recommendations are
largely detrimental to the success of the company.

According to the report, SEAE said that BRF-Brasil Foods may have
excessive concentration in some markets, which may complicate the
entry of new competitors.

As reported on the Troubled Company Reporter-Latin America on
July 7, 2010, Bloomberg News said that BRF Brasil Foods's final
approval of an acquisition may be delayed until next year from
September.  According to the report, Meat Trade News Daily said
that SEAE recommended that regulator Cade require BRF-Brasil Foods
to license one of its two main brands or sell a block of assets
before granting approval of the takeover of Sadia SA.  The report
related that the licensing of either the Sadia SA or Perdigao SA
brand should be for a minimum of five years.

                       About BRF-Brasil Foods

BRF-Brasil Foods SA is a food processor in Latin America.  The
company raises chickens to produce poultry products.  Brasil foods
also processes frozen pasta, soybeans, and their derivatives, and
distributes frozen vegetables.  The company's core business is
chilled and frozen food.  The company has offices in the Middle
East, Asia, and Europe.

                           *     *     *

As of April 12, 2010, the company continues to carry Moody's "Ba1"
long-term corporate family rating.  The company also continues to
carry Standard and Poor's "BB+" long-term issuer credit ratings.


GERDAU SA: Boosts Steel Mill Investment to BRL2.4 Billion
---------------------------------------------------------
Jessica Brice at Bloomberg News reports that Gerdau SA said it
increased its planned investments in a steel mill in Brazil's
Minas Gerais state to BRL2.4 billion.

According to the report, Gerdau SA said in an e-mailed statement
that the mill in the city of Ouro Branco will start producing
steel plates in 2012.

Headquartered in Porto Alegre, Brazil, Gerdau S.A. --
http://www.gerdau.com.br/-- produces and distributes crude steel
and related long rolled products, drawn products, and long
specialty products.  In addition to Brazil, Gerdau operates in
Argentina, Canada, Chile, Colombia, Uruguay, India and the
United States.

                           *     *     *

As of June 23, 2010, the company continues to carry Moody's "Ba1"
long-tem corporate family rating and "Ba1" senior unsecured debt
ratings.


GOL LINHAS: Registers 2.28BB Revenue-Passenger Kilometers in June
-----------------------------------------------------------------
GOL Intelligent Airlines also known as GOL Linhas Areas
Inteligentes S.A's revenue-passenger kilometers in June increased
10% from the same period last year, Rogerio Jelmayer at Dow Jones
Newswires reports.  RPKs are the number of paying passengers
multiplied by the number of kilometers they fly.

According to the report, the airline attributed the increase in
traffic primarily to the expansion of Brazil's economy.  The
report relates that GOL Linhas' load factor reached 61.9% in June,
down from 63.8% in the same month the year before.

                        About Gol Linhas

Based in Sao Paulo, Brazil, GOL Intelligent Airlines aka GOL
Linhas Areas Inteligentes S.A. -- http://www.voegol.com.br/--
through its subsidiary, GOL Transportes Aereos S.A., provide
airline services in Brazil, Argentina, Bolivia, Uruguay, and
Paraguay.  The company's services include passenger, cargo, and
charter services.  As of March 20, 2006, Gol Linhas provided 440
daily flights to 49 destinations and operated a fleet of 45 Boeing
737 aircraft.  The company was founded in 2001.

                           *     *     *

As of March 8, 2010, the company continues to carry Fitch Ratings
"B" long-term issuer default ratings.  The company also continues
to carry Moody's "B1" long-term corp Family rating.


==========================
C A Y M A N  I S L A N D S
==========================


AL-SANABEL: Creditors' Proofs of Debt Due on July 27
----------------------------------------------------
The creditors of AL-Sanabel Investments Limited are required to
file their proofs of debt by July 27, 2010, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on June 24, 2010.

The company's liquidator is:

         Yaser A. Juma'A
         27th to 30th Floors Ahmad Al-Jaber Street Sharq
         PO Box 28808 Safat 13149
         Kuwait


ALPHA REAL: Creditors' Proofs of Debt Due on July 27
----------------------------------------------------
The creditors of Alpha Real Return Strategies Limited are required
to file their proofs of debt by July 27, 2010, to be included in
the company's dividend distribution.

The company commenced wind-up proceedings on June 14, 2010.

The company's liquidator is:

         Linburgh Martin
         c/o Kim Charaman
         Telephone: (345) 949-8455
         Facsimile: (345) 949-8499
         Close Brothers (Cayman) Limited
         Harbour Place, Fourth Floor
         P.O. Box 1034, Grand Cayman KY1-1102


BARYON FAR: Creditors' Proofs of Debt Due on August 6
-----------------------------------------------------
The creditors of Baryon Far East Equity Fund are required to file
their proofs of debt by August 6, 2010, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on June 23, 2010.

The company's liquidator is:

         CDL Company Ltd
         P.O. Box 31106, Grand Cayman KY1-1205


BASSWOOD OPPORTUNITY: Creditors' Proofs of Debt Due on July 27
--------------------------------------------------------------
The creditors of Basswood Opportunity Partners, Inc. are required
to file their proofs of debt by July 27, 2010, to be included in
the company's dividend distribution.

The company commenced wind-up proceedings on June 11, 2010.

The company's liquidator is:

         Ogier
         Jonathan Bernstein
         Telephone: (345) 815-1897
         Facsimile: (345) 949-9877
         c/o Ogier 89 Nexus Way, Camana Bay
         Grand Cayman KY1-9007, Cayman Islands


BRASEXPRESS INC: Creditors' Proofs of Debt Due on July 27
---------------------------------------------------------
The creditors of Brasexpress Inc. are required to file their
proofs of debt by July 27, 2010, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on June 3, 2010.

The company's liquidator is:

         Carl Gosselin
         Wilmington Trust Corporate Services (Cayman) Limited
         P.O. Box 32322, Grand Cayman
         KY1-1209 Cayman Islands
         Telephone: (345) 814-6712


CHINA RETAIL: Creditors' Proofs of Debt Due on August 6
-------------------------------------------------------
The creditors of China Retail Management LDC are required to file
their proofs of debt by August 6, 2010, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on June 9, 2010.

The company's liquidator is:

         Darach E. Haughey
         Deloitte Touche Tohmatsu
         One Pacific Place, 35th Floor
         88 Queensway, Hong Kong
         Telephone: + (852) 2852 1659
         Facsimile: + (852) 2850 8362
         e-mail: darhaughey@deloitte.com.hk


FLAGNON COMPANY: Creditors' Proofs of Debt Due on August 6
----------------------------------------------------------
The creditors of Flagnon Company Limited are required to file
their proofs of debt by August 6, 2010, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on June 22, 2010.

The company's liquidator is:

         CDL Company Ltd
         P.O. Box 31106, Grand Cayman KY1-1205


FUND IV: Creditors' Proofs of Debt Due on August 6
--------------------------------------------------
The creditors of Fund IV Cayman, Co. are required to file their
proofs of debt by August 6, 2010, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on June 18, 2010.

The company's liquidator is:

         Walkers Corporate Services Limited
         c/o Anthony Johnson
         Telephone: (345) 914-6314
         Walker House, 87 Mary Street,
         George Town Grand Cayman KY1-9005
         Cayman Islands


GLOBAL SCIENCE: Creditors' Proofs of Debt Due on July 27
--------------------------------------------------------
The creditors of Global Science & Research Feeder Fund Limited are
required to file their proofs of debt by July 27, 2010, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on June 9, 2010.

The company's liquidator is:

         Ogier
         Jonathan Bernstein
         Telephone: (345) 815-1897
         Facsimile: (345) 949-9877
         c/o Ogier 89 Nexus Way
         Camana Bay Grand Cayman KY1-9007
         Cayman Islands


GLOBAL SCIENCE: Creditors' Proofs of Debt Due on July 27
--------------------------------------------------------
The creditors of Global Science & Research Master Fund Limited are
required to file their proofs of debt by July 27, 2010, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on June 9, 2010.

The company's liquidator is:

         Ogier
         Jonathan Bernstein
         Telephone: (345) 815-1897
         Facsimile: (345) 949-9877
         c/o Ogier 89 Nexus Way
         Camana Bay Grand Cayman KY1-9007
         Cayman Islands


H.A.B. INVESTMENTS: Creditors' Proofs of Debt Due on August 6
-------------------------------------------------------------
The creditors of H.A.B. Investments Ltd. are required to file
their proofs of debt by August 6, 2010, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on June 16, 2010.

The company's liquidator is:

         Royhaven Secretaries Limited
         c/o Julie Reynolds
         Telephone: 945-4777
         Facsimile: 945-4799
         P.O. Box 707, Grand Cayman KY1-1107
         Telephone: 945-4777
         Facsimile: 945-4799


MATRIX EUROPE: Creditors' Proofs of Debt Due on August 16
---------------------------------------------------------
The creditors of Matrix Europe Fund Limited are required to file
their proofs of debt by August 16, 2010, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on June 23, 2010.

The company's liquidator is:

         DMS Corporate Services Ltd
         c/o Bernadette Bailey-Lewis
         Telephone: (345) 946-7665
         Facsimile: (345) 946-7666
         dms Corporate Services Ltd.
         dms House, 2nd Floor
         P.O. Box 1344, Grand Cayman KY1-1108


MATRIX EUROPE: Creditors' Proofs of Debt Due on August 16
---------------------------------------------------------
The creditors of Matrix Europe Master Fund Limited are required to
file their proofs of debt by August 16, 2010, to be included in
the company's dividend distribution.

The company commenced liquidation proceedings on June 23, 2010.

The company's liquidator is:

         DMS Corporate Services Ltd
         c/o Bernadette Bailey-Lewis
         Telephone: (345) 946-7665
         Facsimile: (345) 946-7666
         dms Corporate Services Ltd.
         dms House, 2nd Floor
         P.O. Box 1344, Grand Cayman KY1-1108


MBT CAYMAN: Creditors' Proofs of Debt Due on July 27
----------------------------------------------------
The creditors of MBT Cayman Islands are required to file their
proofs of debt by July 27, 2010, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on May 11, 2010.

The company's liquidator is:

         Carl Gosselin
         Wilmington Trust Corporate Services (Cayman) Limited
         P.O. Box 32322, Grand Cayman
         KY1-1209 Cayman Islands
         Telephone: (345) 814-6712


ORION FUND: Creditors' Proofs of Debt Due on August 11
------------------------------------------------------
The creditors of Orion Fund are required to file their proofs of
debt by August 11, 2010, to be included in the company's dividend
distribution.

The company commenced liquidation proceedings on June 22, 2010.

The company's liquidator is:

         DMS Corporate Services Ltd
         c/o Bernadette Bailey-Lewis
         Telephone: (345) 946-7665
         Facsimile: (345) 946-7666
         dms Corporate Services Ltd.
         dms House, 2nd Floor
         P.O. Box 1344, Grand Cayman


ORION MASTER: Creditors' Proofs of Debt Due on August 11
--------------------------------------------------------
The creditors of Orion Master Fund are required to file their
proofs of debt by August 11, 2010, to be included in the company's
dividend distribution.

The company commenced liquidation proceedings on June 22, 2010.

The company's liquidator is:

         DMS Corporate Services Ltd
         c/o Bernadette Bailey-Lewis
         Telephone: (345) 946-7665
         Facsimile: (345) 946-7666
         dms Corporate Services Ltd.
         dms House, 2nd Floor
         P.O. Box 1344, Grand Cayman


RYE SELECT: Investors and Creditors to Hold Meeting on July 30
--------------------------------------------------------------
The investors and creditors of Rye Select Broad Market XL
Portfolio Limited will hold their annual meeting on July 30, 2010,
at 10:00 a.m., to receive the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

         Richard E. Fogerty
         Chris Kennedy
         Zolfo Cooper
         Bermuda House, 4th Floor
         P.O. Box 1102, Dr. Roy's Drive Grand Cayman KY1-1102
         Cayman Islands
         Telephone: (345) 814 4016
         Facsimile: (345) 946-0082
         e-mail: chris.kennedy@zolfocooper.ky


RYE SELECT: Investors and Creditors to Hold Meeting on July 30
--------------------------------------------------------------
The investors and creditors of Rye Select Broad Market Insurance
Portfolio LDC will hold their annual meeting on July 30, 2010, at
8:00 a.m., to receive the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

         Richard E. Fogerty
         Chris Kennedy
         Zolfo Cooper
         Bermuda House, 4th Floor
         P.O. Box 1102, Dr. Roy's Drive Grand Cayman KY1-1102
         Cayman Islands
         Telephone: (345) 814 4016
         Facsimile: (345) 946-0082
         e-mail: chris.kennedy@zolfocooper.ky


VINO ABSOLUTE: Creditors' Proofs of Debt Due on July 27
-------------------------------------------------------
The creditors of Vino Absolute Return Strategies Limited are
required to file their proofs of debt by July 27, 2010, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on June 14, 2010.

The company's liquidator is:

         Linburgh Martin
         c/o Kim Charaman
         Telephone: (345) 949-8455
         Facsimile: (345) 949-8499
         Close Brothers (Cayman) Limited
         Harbour Place, Fourth Floor
         P.O. Box 1034, Grand Cayman KY1-1102


===============
C O L O M B I A
===============


BANCOLOMBIA SA: Board Authorizes Sale of Up to US$637MM in Bonds
----------------------------------------------------------------
Bancolombia S.A's board authorized the company's management to
sell up to COP1.2 trillion (US$637 million) in bonds on the
domestic or international markets, Inti Landauro at Dow Jones
Newswires reports.

According to the report, the bank will offer the bonds, which will
carry a 10-year maturity, in one or several sales in Colombia or
abroad depending on market conditions.  The report relates the
bank said that it will use the proceeds from the bond sales for
"general corporate purposes," which include all the activities
financial companies are allowed to carry out in Colombia.

                     About Bancolombia S.A.

Bancolombia S.A. is Colombia's largest full-service financial
institution, formed by a merger of three leading Colombian
financial institutions.  Bancolombia's market capitalization is
over US$5.5 billion, with US$13.8 billion asset base and
US$1.4 billion in shareholders' equity as of Sept. 30, 2006.
Bancolombia is the only Colombian company with an ADR level III
program in the New York Stock Exchange.

                           *     *     *

As of March 14, 2010, the bank continues to carry Fitch ratings
"BB+" long-term issuer default ratings and Subordinate debt
rating.  The company also continues to carry short-term foreign
currency issuer default ratings.


=============
E C U A D O R
=============


* ECUADOR: Oil Seizures Would Cost US$1.4 Billion
-------------------------------------------------
Non-Renewable Natural Resources Minister Wilson Pastor said that
Ecuador would have to pay as much as US$1.4 billion to expropriate
private oil companies that refuse to sign revised contracts,
Nathan Gill at Bloomberg News reports, citing El Comercio
newspaper.

According to the report, the newspaper said that Mr. Pastor said
the government would pay the companies with oil from their
expropriated fields.  The minister also said private oil field
production may fall 7.7 percent this year from 2009 as companies
invest less, the newspaper added, the report relates.

The report notes that Ecuador is in talks with private companies
to switch to service contracts from production sharing accords.
President Rafael Correa is threatening to seize assets from any
company that doesn't agree to the new accords, the report adds.

                         *     *     *

As of June 28, 2010, the country continues to carry Moody's "Caa2"
"CC" long-term foreign bank deposit ratings, and "Caa3" currency
issuer rating and foreign currency LT debt rating.


===========
M E X I C O
===========


METROFINANCIERA TRUST: Moody's Withdraws 'C' Currency Rating
------------------------------------------------------------
Moody's Investors Service has withdrawn the C global foreign
currency rating of Metrofinanciera Trust Asset-Backed Notes Series
2005-1, a Mexican construction loan securitization.

Moody's has withdrawn the rating for business reasons.

Rating Action

The complete rating action is:

Issuer: The Bank of New York Mellon (only in its capacity as
trustee of the securitization trust)

Originator and Servicer: Metrofinanciera Sociedad AnĒnima
Promotora de InversiĒn de Capital Variable

  -- Metrofinanciera Trust Asset-Backed Notes Series 2005-1 (Trust
     123): C (Global Scale, Foreign Currency) rating withdrawn;
     previously on December 12, 2008, the rating was downgraded to
     C from Caa1 (Global Scale, Foreign Currency).


====================
P U E R T O  R I C O
====================


FIRST BANCORP: Parent to Issue New Series of Preferred Stock
------------------------------------------------------------
First BanCorp, the bank holding company for FirstBank Puerto Rico,
has signed an agreement with the United States Department of the
Treasury pursuant to which it will issue a new series of preferred
stock in exchange for the preferred stock the U.S. Treasury
currently holds.

Upon satisfaction of certain closing conditions, the Corporation
will issue Series G, Fixed Rate Cumulative Mandatorily Convertible
Preferred Stock, to the U.S. Treasury in exchange for the US$400
million of its Series F, Fixed Rate Cumulative Perpetual Preferred
Stock, that the Corporation issued to the U.S. Treasury in January
2009 pursuant to the TARP Capital Purchase Program, plus
approximately US$23.3 million in accrued dividends.  The terms of
the new Series G Preferred Stock will be similar to those of the
Series F Preferred Stock for which it will be exchanged, except
that the Series G Preferred Stock will be convertible into common
stock.  The Corporation expects to issue the shares of Series G
Preferred Stock to the U.S. Treasury within the next 30 days.

The Treasury, or a subsequent holder, will have the right to
convert the Series G Preferred Stock into common stock at any
time, and the Corporation will have the right to require the
conversion of the Series G Preferred Stock into common stock,
subject to these conditions:

  -- the Corporation exchanges for common stock at least US$385
     million in aggregate liquidation preference of the currently
     issued and outstanding $550 million liquidation preference of
     shares of Series A through E Preferred Stock, and

  -- the Corporation raises at least US$500 million from the sale
     of common stock.

If converted by the Treasury, a subsequent holder or the
Corporation pursuant to either of the conversion rights, the
Series G Preferred Stock shall have an exchange value of US$260
million (a 35% discount from the US$400 million liquidation
preference of the Series F Preferred Stock) and will convert to
common stock at an initial conversion price of US$0.7252 per
share.

As part of the transaction in which the Corporation issues the new
Series G Preferred Stock to the Treasury in exchange for the
Series F Preferred Stock it is currently holding, the Corporation
will also amend the warrant to purchase 5,842,289 shares of Common
Stock that the Corporation issued to the Treasury in January 2009,
in connection with the issuance of the Series F Preferred Stock.
The amendment will reduce the initial exercise price of the
warrant.

Aurelio Aleman, Chief Executive Officer of First BanCorp, said,
"[The] announcement of the exchange agreement of U.S. Treasury's
Preferred Stock represents a very important step in the execution
of the Corporation's previously announced capital strategy.  Upon
the conversion of the U.S. Treasury's Series G Preferred Stock to
common stock, the Corporation's total common equity will increase,
resulting in an improved capital structure.  We appreciate the
U.S. Treasury's continued commitment and investment in First
BanCorp."

The corporation said that the closing of the transaction with the
U.S. Treasury is crucial to carrying out the Corporation's capital
initiatives, which in turn will assist the Corporation in
implementing a capital plan submitted to regulators.  The
corporation's capital initiatives includes in addition to the
transaction with the U.S. Treasury, plans to issue common stock in
a public or private offering, in exchange for the currently
outstanding Series A through E Preferred Stock and in a rights
offering to existing stockholders.

The corporation is also amending the filings with the SEC related
to its offer to issue shares of common stock in exchange for the
Series A through E Preferred Stock to include, among other
matters, a description of this transaction with the U.S. Treasury.
This will enable the Corporation to proceed with the launching of
the exchange as soon as possible.

The New York Stock Exchange has accepted the Corporation's request
to rely on the exception from the need for stockholder approval in
Section 312.05 of the NYSE Listed Company Manual.  Accordingly,
the Corporation is notifying its stockholders of its intention to
issue the shares without seeking stockholder approval, availing
itself of the exception provided in such NYSE Section 312.05.  The
Corporation will be able to issue the Series G Preferred Stock ten
days after mailing its notification to shareholders.

                       About First BanCorp

First BanCorp is the parent corporation of FirstBank Puerto Rico,
a state-chartered commercial bank with operations in Puerto Rico,
the Virgin Islands and Florida, and of FirstBank Insurance Agency.
First BanCorp and FirstBank Puerto Rico operate under U.S. banking
laws and regulations.  The Corporation operates a total of 175
branches, stand-alone offices and in-branch service centers
throughout Puerto Rico, the U.S. and British Virgin Islands, and
Florida.  Among the subsidiaries of FirstBank Puerto Rico are
First Federal Finance Corp., a small loan company; First Leasing
and Rental Corp., a leasing company; FirstBank Puerto Rico
Securities, a broker-dealer subsidiary; First Management of Puerto
Rico; and FirstMortgage, Inc., a mortgage origination company. In
the U.S. Virgin Islands, FirstBank operates First Insurance VI, an
insurance agency, and First Express, a small loan company.  First
BanCorp's common and publicly-held preferred shares trade on the
New York Stock Exchange under the symbols FBP, FBPPrA, FBPPrB,
FBPPrC, FBPPrD and FBPPrE.

                          *     *     *

As of June 18, 2010, the bank continues to carry Standard & Poor's
"CCC+" long-term issuer credit ratings.


===============================
T R I N I D A D  &  T O B A G O
===============================


COLGATE-PALMOLIVE (CARIBBEAN): In Voluntary Liquidation
-------------------------------------------------------
Colgate-Palmolive (Caribbean) Inc. is in voluntary liquidation and
will close its business on July 18, 2010, Trinidad and Tobago
Newsday reports.

According to the report, creditors are being asked to send in
information of any debts or claims against the company because it
is being liquidated.  The report, citing a notice published,
relates that Brian Glasgow has been appointed liquidator of the
assets of Colgate-Palmolive.

Colgate-Palmolive (Caribbean) Inc. is a consumer products company.
The Company's products include toothpaste, toothbrushes, shampoos,
deodorants, bar and liquid soaps, dishwashing liquid, and laundry
products, as well as pet nutrition products for cats and dogs.


=================
V E N E Z U E L A
=================


PETROLEOS DE VENEZUELA: Restarts Lube Oil Units in Curacao
----------------------------------------------------------
Leela Landress at Bloomberg News reports that Petroleos de
Venezuela SA spokesman Kenneth Gijsbertha said that the company's
Isla refinery on the Caribbean island of Curacao has started the
lube oil units.

According to the report, the 335,000-barrel-a-day facility shut
March 1, 2010, after the flow of power, steam and compressed air
was halted because of problems at a local utility.  The report
relates PDVSA leases the refinery from the Curacao government.

The startup of the entire refinery depends on the utilities
available, Mr. Gijsbertha said in an e-mail obtained by the news
agency.  The lube oil units were started to comply with
"commitments" with the Nynas Group, a maker of asphalt and
specialty oils, he added, the report relates.

                           About PDVSA

Petroleos de Venezuela -- http://www.pdvsa.com/-- is Venezuela's
state oil company in charge of the development of the petroleum,
petrochemical, and coal industry, as well as planning,
coordinating, supervising, and controlling the operational
activities of its divisions, both in Venezuela and abroad.

                           *     *     *

As of March 8, 2010, the company continues to carry Moody's "Ba1"
local currency issuer rating.  The company also continues to carry
Standard and Poor's "B+" long-term Issuer credit ratings.


PETROLEOS DE VENEZUELA: In Talks With Foreign Firms for New Rates
-----------------------------------------------------------------
In early 2009, Petroleos de Venezuela began a rates renegotiation
process with all the companies that provide services in the
country.  Within this strategy, in the case of the drilling rigs,
33 companies were involved, only one, Helmerich & Payne (H&P),
refused to agree.

Since that date the drilling company H&P have kept out of service
11 drilling units for over a year: 10 of 3,000 horsepower, in the
East and West, and 1 of 2,000 horsepower in the East.

Apart from H&P, the 32  companies, national (14) and foreign (18),
serving in the Venezuelan oil and gas sector, all of which operate
155 rigs across the country, reached agreements with PDVSA; a
result that reflects trust in our state company by domestic and
foreign partners.

However, despite almost a year of a series of meetings with H&P
representatives and officials, it was not possible to reach an
agreement due to the company's intransigent positions.

The nationalization of the oil production drilling rigs from the
USA company contractor H & P resulted in an increased production
of oil and gas in the country, and the release of more than 600
workers and the increase on new sources of employment (direct and
indirect) in the hydrocarbons sector.

PDVSA confirms its intention to continue working with private
domestic and foreign partners, as it has been demonstrated with
numerous projects currently in development under the existing
legal framework and in accordance with the provisions of the
Bolivarian Constitution of Venezuela.

                           About PDVSA

Petroleos de Venezuela -- http://www.pdvsa.com/-- is Venezuela's
state oil company in charge of the development of the petroleum,
petrochemical, and coal industry, as well as planning,
coordinating, supervising, and controlling the operational
activities of its divisions, both in Venezuela and abroad.

                           *     *     *

As of March 8, 2010, the company continues to carry Moody's "Ba1"
local currency issuer rating.  The company also continues to carry
Standard and Poor's "B+" long-term Issuer credit ratings.


                            ***********

Monday's edition of the TCR-LA delivers a list of indicative
prices for bond issues that reportedly trade well below par.
Prices are obtained by TCR-LA editors from a variety of outside
sources during the prior week we think are reliable.   Those
sources may not, however, be complete or accurate.  The Monday
Bond Pricing table is compiled on the Friday prior to
publication.  Prices reported are not intended to reflect actual
trades.  Prices for actual trades are probably different.  Our
objective is to share information, not make markets in publicly
traded securities.  Nothing in the TCR-LA constitutes an offer
or solicitation to buy or sell any security of any kind.  It is
likely that some entity affiliated with a TCR-LA editor holds
some position in the issuers' public debt and equity securities
about which we report.

Tuesday's edition of the TCR-LA features a list of companies
with insolvent balance sheets obtained by our editors based on
the latest balance sheets publicly available a day prior to
publication.  At first glance, this list may look like the
definitive compilation of stocks that are ideal to sell short.
Don't be fooled.  Assets, for example, reported at historical
cost net of depreciation may understate the true value of a
firm's assets.  A company may establish reserves on its balance
sheet for liabilities that may never materialize.  The prices at
which equity securities trade in public market are determined by
more than a balance sheet solvency test.

A list of Meetings, Conferences and Seminars appears in each
Thursday's edition of the TCR-LA. Submissions about insolvency-
related conferences are encouraged.  Send announcements to
conferences@bankrupt.com

                            ***********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter - Latin America is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland USA, Marites O. Claro, Joy A. Agravente, Rousel Elaine C.
Tumanda, Valerie C. Udtuhan, Frauline S. Abangan, and Peter A.
Chapman, Editors.


Copyright 2010.  All rights reserved.  ISSN 1529-2746.

This material is copyrighted and any commercial use, resale or
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           * * * End of Transmission * * *